You can't run the panther installer on a new mac generation. What you have got to do is to install the system on an external drive from a panther compatible mac, or clone an existing one. After that, connecting your installed external drive on your new mac, you'll be able to boot on it with the Alt-key on startup.

(seems to be that it only works with 10.3.8 or 10.3.9 version. take care of updating it before plugging it to your new mac).

When you 're sure it works, then use carbon copy to clone your external drive to the internal one.